Well, well, well. It seems that Nemo Protocol, the *not-so-great* DeFi yield platform on the Sui blockchain, has had its pockets emptied to the tune of $2.4 million. Not exactly the kind of yield users were hoping for, right?
Sui Strikes Twice in 2025
Back on May 22, Cetus Protocol, which is like the “cool” decentralized exchange (DEX) on the Sui blockchain, was hit for a massive $223 million. The hacker took advantage of an arithmetic overflow vulnerability. Yes, you read that right. A bug in math! You’d think blockchain protocols would have better arithmetic than this, but alas, here we are. The thief drained the funds in less than 15 minutes-probably while sipping a latte and thinking, “Easy money.”
froze about $162 million on-chain and managed to get $60 million out of the hacker’s hands (or, at least, onto Ethereum). Cetus then decided to offer a bounty of $6 million and even hinted at a “whitehat settlement.” I guess the hacker could either return the loot and get a slap on the wrist, or enjoy a warm cup of amnesty?
2025 is quickly shaping up to be the “Year of the DeFi Hack”-with a massive $2.37 billion stolen in just the first half. And guess what? DeFi is the main target, responsible for 76% of those losses. Looks like the hackers are on a winning streak!
In case you missed it, Hacken’s mid-year security report claims crypto industry losses reached over $3.1 billion. Most of that came from “access control failures,” like misconfigured wallets. But don’t worry, only $263 million was lost due to good ol’ fashioned DeFi-specific smart contract bugs. So, basically, everything’s fine. Definitely fine.
With the growing trend of hackers honing their skills and zeroing in on DeFi protocols, Sui may need to rethink its security protocols. Because, right now, it’s looking like they’ve got a hole the size of a black hole.
Stay tuned, folks. We’ll keep an eye on the next big hack in this never-ending saga of “Sui’s Slippery Slope.”
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2025-09-08 15:47